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Why Millennials are the Future of Franchises

May 4, 2017

Born between the years of 1980 and 2000, the Millennial Generation has emerged into the workforce with fascinating differences from their predecessors and they are making waves in the workforce through their independent and career-driven attitudes.

According to recent studies, 66 percent of Millennials have expressed the desire to become self-employed. This statistic is greater than any generation in the past! Their drive to work for the “best of the best” within their prospective industries makes it a lot more common to find young professionals changing jobs every few years to avoid stagnation. Their unique approach to business is also less concerned with financial gains in comparison to past generations. Instead, they are more interested in finding the brands that best fit their lifestyles, vision and professional needs by gravitating towards brands that are already functioning at a high level in the market. They are on the hunt for business ventures that have already established a loyal clientele, making them the perfect candidates for franchise businesses.

Running a successful franchise takes a lot of energy and work ethic – two characteristics that run very high in this generation of professionals. Their general willingness to adapt, grow and learn from their mentors have even strengthened traditional business models as many franchise companies have been putting time and resources into finding new ways to attract this target population to their brand.

A&W Restaurants have been very successful in attracting an interest from this hardworking generation by offering age-specific incentives. Implementing an “Urban Franchise Associate Program”, this popular Canadian fast-food restaurant is now offering a low equity model geared specifically towards young entrepreneurs. The program was created to give the younger demographic an opportunity to own and operate their franchise locations by offering participants $125,000-$150,000 for opening costs – which is half of the typical price tag! In addition to large financial contributions, A&W will also be offering extensive training and the opportunity to spend 4 months to a year working within an existing location for paid experience while they wait for the construction of their brand-new location.